Crude Oil Prices Cling to Range Floor, Gold Eyes US Retail Sales

Talking Points:

  • Crude oil prices conduct to reason operation support above $48/bbl
  • Gold prices dump on US CPI, sell sales total now in focus
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Crude oil prices dipped to a three-week low as a IEA cut a foresee for direct this year and next. Losses would infer ephemeral however, with a WTI agreement erasing a day’s waste to finish a event with a teenager gain. The rebound appears visual after a benchmark suffered a high dump in a before session.

A serve boost came from US President Donald Trump. He floated a probability of resorting to a “military option” in traffic with a domestic predicament in Venezuela, a vital oil producer. The change of this title was comparatively medium compared with a gains that preceded it however.

Looking ahead, a EIA Drilling Productivity Report is on tap. Traders will brush by a request to surprise conjecture about a border to that flourishing US prolongation will equivalent OPEC-led outlay cuts. By approach of context, Baker Hughes pronounced a series of US rigs in operation strike a two-year high final week.

Gold prices edged adult as US CPI total fell brief of expectations even as they posted a initial acceleration pickup in 5 months. That weighed on Treasury bond yields and a US Dollar alike, creation for a comparatively understanding sourroundings for anti-fiat and non-interest-bearing assets.

July’s US Retail Sales news is now in focus. Receipts are seen rising 0.4 percent from a before month, a many given January. An upbeat outcome echoing a discreet alleviation in US information upsurge given mid-June might boost bets on another Fed rate in 2017, promulgation a yellow steel lower.

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GOLD TECHNICAL ANALYSISGold prices are staid to plea trend-defining insurgency in a 1293.90-95.46 area (61.8% Fibonacci expansion, double top). A mangle aloft reliable on a daily shutting basement exposes a 76.4% spin during 1303.98. Alternatively, a spin behind subsequent a 50% Fib during 1285.74 opens a doorway for a retest of a 38.2% Fibat 1277.59.

Crude Oil Prices Cling to Range Floor, Gold Eyes US Retail Sales

Chart combined regulating TradingView

CRUDE OIL TECHNICAL ANALYSISCrude oil prices continue to exam operation building support noted by a 14.6% Fibonacci enlargement during 48.48. A daily tighten subsequent that sees a subsequent downside separator during 47.30 (trend line, 23.6% level). Alternatively, a spin above insurgency noted a 61.8% Fib retracement during 50.19 exposes a 76.4% threshold during 52.11.

Crude Oil Prices Cling to Range Floor, Gold Eyes US Retail Sales

Chart combined regulating TradingView

— Written by Ilya Spivak, Currency Strategist for DailyFX.com

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